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A board of directors is an executive committee that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws ...
Directors' duties are a series of statutory, common law and equitable obligations owed primarily by members of the board of directors to the corporation that employs them. It is a central part of corporate law and corporate governance .
In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
The council of delegates representing the governance board is the equivalent of the management board i.e. board of directors of a single-tier board, while the chairman of the management board is reckoned as the company's chief executive officer and managing director. These 03 [clarification needed] positions are held by the same individual.
BoardSource is based in Washington, D.C., and has an annual budget in fiscal year 2013 of approximately $6 million.It maintains a staff of more than 40 employees. In addition, the organization has an affiliated pool of associates [5] who conduct consulting and training engagements around the country on behalf of the organization.
They are not employees of the corporation or affiliated with it in any other way and are differentiated from executive directors, who are members of the board who also serve, or previously served, as executive managers of the corporation (most often as corporate officers). However, they do have the same legal duties, responsibilities and ...
These resources aim to help members in the areas of fiduciary duties, [26] governance, [26] orientation and onboarding, [27] student success, [28] and conflicts of interest. [26] AGB developed self-paced orientation courses that cover subjects such as governance, fiduciary responsibilities, and board composition and culture. [29]
The corporation's name might consist of its governing board members' title (for example, The Trustees of Princeton University is a New Jersey nonprofit corporation). These board members (trustees, regents, etc.) are fiduciaries for the corporation. In some cases, the institution might not have separate legal personhood; the trustees transact in ...